Do you give your existing customers enough attention? Or do you spend (a lot of) money on finding new customers? If you read on you will be blown away by the difference in costs, opportunities and conversion between existing and new customers.
Because did you know that the chance of a sale to a brand new customer is between 5-20%? While the chance of an order to an existing customer -after a similar promotion/action- is between 60-70%!
Even more amazing is the fact that repeat customers spend on average 33% more than new customers and 80% of your future profits come from just 20% of your existing customers. Dizzying right?
What can you do with this?
That is why, at the upcoming product launch(es), you should be the first to focus on your existing, loyal customer. For example, give them a VIP sneak peek with a special newsletter, a good Facebook or Instagram advertisement.
Show that you appreciate your existing customer and do so, for example, with a very exclusive offer or temporary VIP promotion. Everyone wants to feel important and valued :)
Source: Shopify/SignalMind
